Electric Vehicle Battery Recycling Market - Global Outlook & Forecast 2023-2028

Description

The electric vehicle battery recycling market is expected to grow at a CAGR of 16.08% from 2022-2028.

MARKET TRENDS & DRIVERS

Exponential Growth of Battery Technology

Since 2000, batteries have undergone massive growth under technological innovations, resulting in lithium-ion battery development. Li-ion batteries are increasingly gaining prominence worldwide as rechargeable batteries. The expanding adoption of this battery is leading to the growth of its dominance year-over-year. Due to the rising demand for enduring battery life, several advances were made in EV batteries for extra backup capacity. This has considerably improved the performance and efficiency of electric vehicle Li-ion batteries. It has also improved energy density, charging rate, cyclability, safety, and stability. These batteries take less than an hour for a full charge and last longer. Hence, the demand for these electric vehicles (EV) batteries recycling market is growing significantly.

Rising Gasoline Prices

Gasoline prices are increasing continuously worldwide, resulting in a massive challenge for consumers and businesses. Most advanced countries have higher gasoline prices than developing economies as they major export gasoline vehicles and products. The price variation is due to diverse subsidies and taxes offered and charged by governments. Hence, the constant increase in gasoline prices in various countries drives consumers toward electric vehicles, thereby supporting electric vehicle battery recycling market growth. The U.S., Germany, the U.K., and several other European countries are among the key markets for electric vehicles. However, rising gasoline prices in these countries promote electric vehicle adoption in the industry.

INDUSTRY CONSTRAINTS

Instabilities in Raw Material Pricing

Raw material costs account for approximately 50%-60% of the overall cost of production in the global electric vehicle battery recycling market. The prices of major raw materials for producing and manufacturing electric vehicle batteries and their accessories-steel, plastic, and rubber-have been volatile over the last few years. The instability of raw material prices poses a serious threat to vendor margins. Chinese manufacturers that offer cheap and high-quality EV batteries have added to the worries of prominent vendors to comply with the growing demand and changing industry standards cost-efficiently.

SEGMENTATION INSIGHTS

INSIGHTS BY PROCESS TYPE

The hydrometallurgical process segment accounted for the largest electric vehicle battery recycling market share in 2022. The large share of this segment is mainly attributed to the growing need to remove organic materials from Li-ion batteries and extract metals from ores with low metal content, increasing demand for a less expensive, scalable, flexible, low-cost, and low-environment-impacting recycling process. The growing need to extract a wide range of materials, including copper, silver, nickel, lithium, and zinc, the increasing need for selective separation of materials through chemicals, rising demand for low energy consumption, less waste, and low impact on the atmosphere are responsible for the growing demand for hydrometallurgical process segment.

Segmentation by Process Type

Hydrometallurgy
Pyrometallurgy
Other Process

INSIGHTS BY CHEMISTRY TYPE

The global electric vehicle battery recycling market by chemistry type segments as lithium-ion batteries (Li-ion), lead-acid batteries, nickel, and other batteries. In 2022, the lithium-ion batteries segment is expected to account for the dominant segment in the global market. Lithium-ion batteries used in electric vehicles contain many valuable materials worth recovering, which are disassembled and shredded for recycling. Once shredded, the materials are sifted and categorized based on their nature and size.

Segmentation by Chemistry Type

Lithium-ion
Lead-acid
Nickel
Others

INSIGHTS BY END USERS

The global electric vehicle battery recycling market by end-user segments into commercial vehicles and passenger cars. The commercial vehicles segment is anticipated to account for the largest global industry segment. Factors such as the rising government subsidies & tax rebates for using low-emission commuting vehicles, increasing government initiatives for the promotion of e-mobility, increasing investments to develop advanced commercial EVs, limited lifespan of batteries, and charging infrastructure are contributing to the large industry share of this segment.

Segmentation by End User

Commercial Vehicle
Passenger Vehicle

GEOGRAPHICAL ANALYSIS

North America dominated the global electric vehicle battery recycling market in 2022, valued at USD 1.65 billion in 2022. The region has many established players and a high technological advancement. With advances in Li-ion battery technology, the North American EV battery recycling industry is expected to witness high growth with a substantial surge in demand for accessories for battery-related tools. The industry is driven by consumer demand for innovative products and services, and there is a significant investment in research and development to support this demand.

Segmentation by Geography

North America
- The U.S.
- Canada
Europe
- The U.K.
- Germany
- France
- Russia
- Italy
- Spain
APAC
- China
- Japan
- South Korea
- India
- Australia
- Rest of APAC
Latin America
- Mexico
- Brazil
- Argentina
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey

VENDOR LANDSCAPE

The global electric vehicle battery recycling market is characterized by low market concentration and high competition among players. The present scenario drives vendors to alter and refine their unique value propositions to achieve a strong industry presence. The global electric vehicle battery recycling market is fragmented and dominated by vendors such as ACCUREC-Recycling GmbH, American Manganese Inc., Battery Solutions, and G & P Batteries Limited. These major vendors have a global presence in three major regions, namely North America, APAC, and Europe.

Key Company Profiles

Umicore
Bosch
ACCUREC-Recycling GmbH
Li-Cycle Corp.

Other Prominent Vendors

RecycLiCo
Battery Solution
G & P Batteries Limited
SITRASA
Retriev Technologies
SNAM Groupe
TES-Amm
FORTUM CORPORATION
MTB RECYCLING
Tata Chemicals Limited
Duesenfeld

KEY QUESTIONS ANSWERED:

1. How big is the electric vehicle battery recycling market?

2. What is the growth rate of the global electric vehicle battery recycling market?

3. Which region dominates the global electric vehicle battery recycling market share?

4. What are the significant electric vehicle battery recycling trends?

5. Who are the key players in the global electric vehicle battery recycling market?

Product Code: ARZ230805

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION
- 4.1.1 INCLUSIONS
- 4.1.2 EXCLUSIONS
- 4.1.3 MARKET ESTIMATION CAVEATS
4.2 BASE YEAR
4.3 SCOPE OF THE STUDY
- 4.3.2 MARKET SEGMENTATION BY CHEMISTRY
- 4.3.3 MARKET SEGMENTATION BY PROCESS
- 4.3.4 MARKET SEGMENTATION BY END-USER
- 4.3.5 MARKET SEGMENTATION BY GEOGRAPHY

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS
5.2 CURRENCY CONVERSION
5.3 MARKET DERIVATION

6 PREMIUM INSIGHTS

6.1 OVERVIEW
6.2 TRENDS
6.3 ENABLER
6.4 CONSTRAINS
6.5 CHEMISTRY
6.6 PROCESS TYPE
6.7 END-USERS
6.8 GEOGRAPHY

7 MARKET AT A GLANCE

8 INTRODUCTION

8.1 OVERVIEW
- 8.1.1 GLOBAL VENDORS KEY INNOVATIONS
- 8.1.2 DEVELOPMENTS IN EV MARKET
- 8.1.3 MAJOR DRIVING FACTORS
- 8.1.4 GROWTH OF LITHIUM-ION BATTERIES
- 8.1.5 UNREST IN EUROPE
- 8.1.6 LOOMING GLOBAL RECESSION
- 8.1.7 REGULATION AND STANDARD FOR EVS
8.2 VALUE CHAIN ANALYSIS
- 8.2.1 RAW MATERIALS & COMPONENT SUPPLIERS
- 8.2.2 MANUFACTURERS
- 8.2.3 DEALERS/DISTRIBUTORS
- 8.2.4 RETAILERS
- 8.2.5 END-USERS

9 MARKET OPPORTUNITIES & TRENDS

9.1 GROWING PROMINENCE OF ASIAN MANUFACTURING
9.2 INDUSTRY 4.0 & SMART PRECISION MANUFACTURING
9.3 EXPONENTIAL GROWTH OF BATTERY TECHNOLOGY

10 MARKET GROWTH ENABLERS

10.1 RISING GASOLINE PRICES
10.2 RISING DEMAND FOR ZERO-EMISSION VEHICLES
10.3 IMPLEMENTING POLICIES AND INCENTIVES TO ENCOURAGE THE ADOPTION OF EVS

11 MARKET RESTRAINTS

11.1 FLUCTUATIONS IN RAW MATERIAL PRICING
11.2 END-USER VARIABILITY
11.3 TURBULENT GLOBAL POLITICAL AND TRADE RELATIONS

12 MARKET LANDSCAPE

12.1 MARKET OVERVIEW
12.2 MARKET SIZE & FORECAST
12.3 FIVE FORCES ANALYSIS
- 12.3.1 THREAT OF NEW ENTRANTS
- 12.3.2 BARGAINING POWER OF SUPPLIERS
- 12.3.3 BARGAINING POWER OF BUYERS
- 12.3.4 THREAT OF SUBSTITUTES
- 12.3.5 COMPETITIVE RIVALRY

13 PROCESS TYPE

13.1 MARKET SNAPSHOT & GROWTH ENGINE
13.2 MARKET OVERVIEW
13.3 HYDROMETALLURGY
- 13.3.1 MARKET OVERVIEW
- 13.3.2 THREE STEPS OF THE HYDROMETALLURGICAL PROCESS:
- 13.3.3 MARKET SIZE & FORECAST
- 13.3.4 MARKET BY GEOGRAPHY
13.4 PYROMETALLURGY
- 13.4.1 MARKET OVERVIEW
- 13.4.2 MARKET SIZE & FORECAST
- 13.4.3 MARKET BY GEOGRAPHY
13.5 OTHER PROCESS
- 13.5.1 MARKET OVERVIEW
- 13.5.2 MARKET SIZE & FORECAST
- 13.5.3 MARKET BY GEOGRAPHY

14 CHEMISTRY TYPE

14.1 MARKET SNAPSHOT & GROWTH ENGINE
14.2 MARKET OVERVIEW
14.3 LITHIUM-ION
- 14.3.1 MARKET OVERVIEW
- 14.3.2 MARKET SIZE & FORECAST
- 14.3.3 MARKET BY GEOGRAPHY
14.4 LEAD ACID
- 14.4.1 MARKET OVERVIEW
- 14.4.2 MARKET SIZE & FORECAST
- 14.4.3 MARKET BY GEOGRAPHY
14.5 NICKEL
- 14.5.1 MARKET OVERVIEW
- 14.5.2 MARKET SIZE & FORECAST
- 14.5.3 MARKET BY GEOGRAPHY
14.6 OTHERS
- 14.6.1 MARKET OVERVIEW
- 14.6.2 MARKET SIZE & FORECAST
- 14.6.3 MARKET BY GEOGRAPHY

15 END-USER

15.1 MARKET SNAPSHOT & GROWTH ENGINE
15.2 MARKET OVERVIEW
- 15.2.1 MAJOR FACTORS
15.3 COMMERCIAL VEHICLE
- 15.3.1 MARKET OVERVIEW
- 15.3.2 EV BUS REGISTRATIONS
- 15.3.3 MARKET SIZE & FORECAST
- 15.3.4 MARKET BY GEOGRAPHY
15.4 PASSENGER VEHICLE
- 15.4.1 MARKET OVERVIEW
- 15.4.2 MARKET SIZE & FORECAST
- 15.4.3 MARKET BY GEOGRAPHY

16 GEOGRAPHY

16.1 MARKET SNAPSHOT & GROWTH ENGINE
- 16.1.1 GEOGRAPHIC OVERVIEW
- 16.1.2 REGIONAL ANALYSIS

17 NORTH AMERICA

17.1 MARKET OVERVIEW
17.2 MARKET SIZE & FORECAST
17.3 PROCESS TYPE
- 17.3.1 MARKET SIZE & FORECAST
17.4 CHEMISTRY TYPE
- 17.4.1 MARKET SIZE & FORECAST
17.5 END-USER
- 17.5.1 MARKET SIZE & FORECAST
17.6 KEY COUNTRIES
- 17.6.1 US: MARKET SIZE & FORECAST
- 17.6.2 CANADA: MARKET SIZE & FORECAST

18 EUROPE

18.1 MARKET OVERVIEW
18.2 MARKET SIZE & FORECAST
18.3 PROCESS TYPE
- 18.3.1 MARKET SIZE & FORECAST
18.4 CHEMISTRY TYPE
- 18.4.1 MARKET SIZE & FORECAST
18.5 END-USER
- 18.5.1 MARKET SIZE & FORECAST
18.6 KEY COUNTRIES
- 18.6.1 UK: MARKET SIZE & FORECAST
- 18.6.2 GERMANY: MARKET SIZE & FORECAST
- 18.6.3 FRANCE: MARKET SIZE & FORECAST
- 18.6.4 RUSSIA: MARKET SIZE & FORECAST
- 18.6.5 ITALY: MARKET SIZE & FORECAST
- 18.6.6 SPAIN: MARKET SIZE & FORECAST

19 APAC

19.1 MARKET OVERVIEW
19.2 MARKET SIZE & FORECAST
19.3 PROCESS TYPE
- 19.3.1 MARKET SIZE & FORECAST
19.4 CHEMISTRY TYPE
- 19.4.1 MARKET SIZE & FORECAST
19.5 END-USER
- 19.5.1 MARKET SIZE & FORECAST
19.6 KEY COUNTRIES
- 19.6.1 CHINA: MARKET SIZE & FORECAST
- 19.6.2 JAPAN: MARKET SIZE & FORECAST
- 19.6.3 SOUTH KOREA: MARKET SIZE & FORECAST
- 19.6.4 INDIA: MARKET SIZE & FORECAST
- 19.6.5 AUSTRALIA: MARKET SIZE & FORECAST

20 LATIN AMERICA

20.1 MARKET OVERVIEW
20.2 MARKET SIZE & FORECAST
20.3 PROCESS TYPE
- 20.3.1 MARKET SIZE & FORECAST
20.4 CHEMISTRY TYPE
- 20.4.1 MARKET SIZE & FORECAST
20.5 END-USER
- 20.5.1 MARKET SIZE & FORECAST
20.6 KEY COUNTRIES
- 20.6.1 MEXICO: MARKET SIZE & FORECAST
- 20.6.2 BRAZIL: MARKET SIZE & FORECAST
- 20.6.3 ARGENTINA: MARKET SIZE & FORECAST

21 MIDDLE EAST & AFRICA

21.1 MARKET OVERVIEW
21.2 MARKET SIZE & FORECAST
21.3 PROCESS TYPE
- 21.3.1 MARKET SIZE & FORECAST
21.4 CHEMISTRY TYPE
- 21.4.1 MARKET SIZE & FORECAST
21.5 END-USER
- 21.5.1 MARKET SIZE & FORECAST
21.6 KEY COUNTRIES
- 21.6.1 SOUTH AFRICA: MARKET SIZE & FORECAST
- 21.6.2 SAUDI ARABIA: MARKET SIZE & FORECAST
- 21.6.3 UAE: MARKET SIZE & FORECAST
- 21.6.4 TURKEY: MARKET SIZE & FORECAST

22 COMPETITIVE LANDSCAPE

22.1 COMPETITION OVERVIEW

23 KEY COMPANY PROFILES

23.1 UMICORE
- 23.1.1 BUSINESS OVERVIEW
- 23.1.2 PRODUCT OFFERINGS
- 23.1.3 KEY STRENGTHS
- 23.1.4 KEY STRATEGIES
- 23.1.5 KEY OPPORTUNITIES
23.2 BOSCH
- 23.2.1 BUSINESS OVERVIEW
- 23.2.2 PRODUCT OFFERINGS
- 23.2.3 KEY STRENGTHS
- 23.2.4 KEY STRATEGIES
- 23.2.5 KEY OPPORTUNITIES
23.3 ACCUREC-RECYCLING
- 23.3.1 BUSINESS OVERVIEW
- 23.3.2 PRODUCT OFFERINGS
- 23.3.3 KEY STRENGTHS
- 23.3.4 KEY STRATEGIES
- 23.3.5 KEY OPPORTUNITIES
23.4 LI-CYCLE CORP
- 23.4.1 BUSINESS OVERVIEW
- 23.4.2 PRODUCT OFFERINGS
- 23.4.3 KEY STRENGTHS
- 23.4.4 KEY STRATEGIES
- 23.4.5 KEY OPPORTUNITIES

24 OTHER PROMINENT VENDORS

24.1 RECYCLICO
- 24.1.1 BUSINESS OVERVIEW
- 24.1.2 PRODUCT OFFERINGS
24.2 BATTERY SOLUTIONS
- 24.2.1 BUSINESS OVERVIEW
- 24.2.2 PRODUCT OFFERINGS
24.3 G & P BATTERIES LIMITED
- 24.3.1 BUSINESS OVERVIEW
- 24.3.2 PRODUCT OFFERINGS
24.4 SITRASA
- 24.4.1 BUSINESS OVERVIEW
- 24.4.2 PRODUCT OFFERINGS
24.5 RETRIEV TECHNOLOGIES
- 24.5.1 BUSINESS OVERVIEW
- 24.5.2 PRODUCT OFFERINGS
24.6 SNAM GROUPE (FLORIDIENNE)
- 24.6.1 BUSINESS OVERVIEW
- 24.6.2 PRODUCT OFFERINGS
24.7 TES-AMM
- 24.7.1 BUSINESS OVERVIEW
- 24.7.2 PRODUCT OFFERINGS
24.8 FORTUM CORPORATION
- 24.8.1 BUSINESS OVERVIEW
- 24.8.2 PRODUCT OFFERINGS
24.9 MTB RECYCLING
- 24.9.1 BUSINESS OVERVIEW
- 24.9.2 PRODUCT OFFERINGS
24.10 TATA CHEMICALS LIMITED
- 24.10.1 BUSINESS OVERVIEW
- 24.10.2 PRODUCT OFFERINGS
24.11 DUESENFELD
- 24.11.1 BUSINESS OVERVIEW
- 24.11.2 PRODUCT OFFERINGS

25 REPORT SUMMARY

25.1 KEY TAKEAWAYS
25.2 STRATEGIC RECOMMENDATIONS

26 QUANTITATIVE SUMMARY

26.1 MARKET BY GEOGRAPHY
- 26.1.1 PROCESS TYPE
- 26.1.2 CHEMISTRY TYPE
- 26.1.3 END-USER
26.2 APAC
- 26.2.1 PROCESS TYPE
- 26.2.2 CHEMISTRY TYPE
- 26.2.3 END-USER
26.3 EUROPE
- 26.3.1 PROCESS TYPE
- 26.3.2 CHEMISTRY TYPE
- 26.3.3 END-USER
26.4 NORTH AMERICA
- 26.4.1 PROCESS TYPE
- 26.4.2 CHEMISTRY
- 26.4.3 END-USER
26.5 LATIN AMERICA
- 26.5.1 PROCESS TYPE
- 26.5.2 CHEMISTRY TYPE
- 26.5.3 END-USER
26.6 MIDDLE EAST & AFRICA
- 26.6.1 PROCESS TYPE
- 26.6.2 CHEMISTRY TYPE
- 26.6.3 END-USER

27 APPENDIX

27.1 ABBREVIATIONS